Interesting, consider the following. From the ann. 01-May-2015 1...

Interesting, consider the following.

From the ann. 01-May-2015

1 - $162.5K 6 months, interest fee loan to the share holders of WG (loaned)
2 - $162.5K deposit (paid)

From the please explain
12-Oct-2015 page 4, the annual report released 01-Oct2015 including E&Y 29-Sep-2015.

The auditors stated that they cannot find enough appropriate audit evidence to determine that the WG deal will proceed!

The interest free 6 month loan to the share holders of WG has now become a loan that is refundable only if the WG deal falls over, so it's not really a loan and the auditors cannot find evidence that the WG deal will proceed and that the loan, if the deal does not proceed can be recovered.

So how did the $162.5K unsecured 6 month loan change into, effectively a refundable deposit as well as the other $162.5K deposit.

Why is there no audit evidence that the WG deal will proceed, as per auditors.

On one hand we have E&Y saying there is no audit evidence to support anything and on the other we have David Tasker (director) saying IGS is in the process of acquiring WG and MACCA, Convertible shares (notes) holder and SI saying WG will proceed (although, if it does proceed, in my opinion it will be at a mortally wounded snails pace!)